CitiFX Pro to continue its expansion amid dbFX's withdrawal from the US market

Citi, who after dbFX’s exit is going to be the only bank in the US offering retail forex trading, is announcing

Citi, who after dbFX’s exit is going to be the only bank in the US offering retail forex trading, is announcing additional expansion plans both geographically and technically. Citi plans to expands to other locations while also improve its technical offering – it will soon launch a new FIX-API solution which should be attractive to its target audience – small-mid size traders and funds. Citi, being the only retail fx bank in the US, is now actually enjoying a regulatory back-wind and can and should use the latest reforms to cement its position in the US forex market. Citi is already offering seminars to fund and money managers and new tight pricing to its individual clients will surely further capitalize on the gap that presented itself in the US forex market.

The new API features are:

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  • Multi-contributor sourced liquidity, delivering highly competitive pricing with one counterparty
  • Auto rollover of Spot positions
  • 24-6 access to dependable, low-latency, high-performance connection
  • ESP, Market and Limit Orders supported
  • Trade on cash margin with CitiBank or give up to a Prime Broker
  • MT4 integration and compatibility
  • Swift on-boarding and approval procedure

 

Citi Continues to Expand CitiFX Pro

New York, April 26, 2011 – Amid changes in the marketplace, Citi (NYSE: C) continues to expand the services of CitiFX Pro, its margin foreign exchange trading platform for small- to mid-sized institutions and experienced individual traders, and reaffirms its commitment to the Margin FX market.

In 2011, CitiFX Pro plans to launch in other key European, Middle Eastern and Asian markets. In addition, CitiFX Pro plans to introduce a new FIX-API solution which will provide state-of-the art technology to sophisticated clients. This service will be available to clients in May 2011.

“We have been extremely pleased with the response to CitiFX Pro among small and mid-sized institutions as well as experienced individual traders,” said Sanjay Madgavkar, Global Head of Margin Foreign Exchange Trading at Citi. “In order to meet growing demand from this important segment of the margin FX market, we are increasing our investment in the product, particularly in relation to technology. We expect our new API solution will offer market-leading, low-latency liquidity to active FX traders.”

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Since its launch in 2008 in the United States, CitiFX Pro has expanded to new markets including the United Kingdom, Switzerland, Singapore and other Asian markets and has become one of the leading platforms in targeted segments of the FX market.

CitiFX Pro offers highly competitive spreads starting from 1.2 pips in the EURUSD for individual clients and provides its users access to both CitiFX Strategy and Technical reports—both of which consistently rank at the top of the market polls. Its platform was named Best Retail Platform by Profit & Loss magazine for the past two years running. Citi will soon be the only major bank offering Margin FX in the United States.

“With CitiFX Pro, we believe we have the right platform to service this important client segment”, said Jeff Feig, Citi’s Global Head of G10 Foreign Exchange. “Our latest investment shows our commitment to this growing market and will ensure CitiFX Pro will offer its clients the highest standards of technology and liquidity.”

About CitiFX Pro

CitiFX Pro is Citi’s online forex trading platform for active individual and small institutional clients including commodity trading advisors, broker-dealers, money managers, and hedge funds. Additional information may be found at www.citifxpro.com.

About Citi

‬Citi, the leading global financial services company, has approximately 200 million customer accounts and does business in more than 160 countries and jurisdictions. Through Citicorp and Citi Holdings, Citi provides consumers, corporations, governments and institutions with a broad range of financial products and services, including consumer banking and credit, corporate and investment banking, securities brokerage, transaction services, and wealth management. Additional information may be found at www.citigroup.com or www.citi.com. ‬

 

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